The cryptocurrency industry, which mostly consists of startups and exchanges, is still a growing industry and subsequently still might not be large enough to attract insurance providers. Even one of the largest global crypto exchanges Coinbase holds merely 2% of its coins insured in hot storage with Lloyds Bank of London, while the rest of their coins are in cold storage with little information known about their insurance status.
Insurance void in the crypto ecosystem
Despite the exponential growth experienced, the cryptocurrency market’s potential has largely been neglected by traditional insurers due to the lack of research, expertise, and insurance statistics within the crypto space. This neglect has transformed into a gaping void within the crypto-insurance sector as users are left with very few insurance options for crypto products.
It has also resulted in an unfair practice where users who want to secure their crypto assets are not given the same options or financial support as fiat currency holders that are supported by centralized bodies.
Further, the crypto ecosystem is highly expeditious as more than 4,000 cryptocurrencies are being transacted every second. The average crypto user faces an unfair disadvantage; he is forced to research and scour the internet himself to find a product that fits their insurance needs, is within the budget, and offers coverage to the assets they hold.
CoverCompared fills this void
There is hence a clear void in the cryptocurrency insurance industry. However, there are still several cyber security threats that investors may want to insure against.
CoverCompared addresses this gap in crypto insurance and offers people a one of a kind solution to protecting their cryptocurrency. We conduct extensive research to provide the most viable, economical and convenient way for people to find an insurance policy of their preference.
CoverCompared is essentially a marketplace for different insurance policies. What makes us unique however is that we not only offer traditional policies for life, health, device protection and travel, but also insurance protocols for cryptocurrency investments. Further, we heavily focus on optimizing our users’ experience and have implemented a design structure that enables users to compare multiple policies with one another simultaneously. The distinctiveness of CoverCompared doesn’t stop here. Our most unique offering is that we are the first ever marketplace to allow our users to purchase all insurance products (including traditional policies) through a host of cryptocurrencies including our very own token $CVR.
The crypto-insurance revolution!
In an era where digitalization is peaking in every regard and cryptocurrencies are gradually becoming more established in the global landscape of currencies, the need for added security on investments is more than ever. CoverCompared is the way forward. We build a bridge between the actual and virtual world and create a secure gateway for insurance protocols in the cryptocurrency realm. We are confident that our services optimize user experience and our solutions maximize user experience. CoverCompared will continue to experience sustainable growth as a pioneer in the world of cryptocurrency insurance.